How Economic Instability Will Impact the Banking Industry

The economic outlook for 2022 is being impacted by rapid inflation, geopolitical shocks, rising interest rates, and unemployment numbers that loom as headwinds. While rapid post-pandemic growth and a strong labor market have been big wins, the benefits of the recovery could be diminished as price rises eat away at paychecks. The question is, if the Fed must raise rates to higher levels to restore economic calm, could this start a recession that pushes the unemployment rate higher? And how does this impact the banking industry? I am excited to have Steven Rick, Chief Economist for CUNA Mutual on the Banking Transformed podcast. Steve shares his insights on the unprecedented economic conditions we are seeing and what the future may look like for the banking industry. This episode of Banking Transformed is sponsored by CUNA Mutual Group  Built on the principle of “people helping people,” CUNA Mutual Group is a financially strong insurance, investment and financial services company that believes a brighter financial future should be accessible to everyone. Through our company culture, community engagement, and products and solutions, we are working to create a more equitable financial system that helps to improve the lives of those we serve and our society. For more information, visit cunamutual.com.